If you’re into automated forex trading software, you must choose between the one that only provide you with a potential trade opportunity (AKA trading signals) and the one that require no human interference at all as it can analyzing and placing orders by itself. The last one is also known as Expert Advisor or forex robot and I’ll talk about this as this one seems to be the most popular choice.
You’ll find many forex robots that created by mere programmers who can only win during backtest (because they’re created solely with that goal: winning at backtesting), but there are a few robots that really work and backed up with profitable trading system from real trader. But getting your hands in this robot does not mean that your search is over and you can watch the money rolling in; this is a mistake that have been made by many robot owner and they’ve paid dearly for that.
One fact that you need to realize is no matter how profitable the trading system behind your automated trading software (be it forex robot or trading signals), they need certain conditions where they can run at their 100% capabilities and you as the owner must provide it for them. These are factors that tend to overlook by forex robot owners:
1. Trusted Forex Broker
You can have the best forex robot in the world, but it means nothing if your broker tackle your trades. Your broker can sabotage your trades by cutting your connection, tackle your trades, delay your order execution, etc. With hundreds of online forex broker out there, it is not surprising if some of them are scam brokerages.
The easiest way to identify a credible broker is checking their registration at the official financial authority such as FSA or NFA; but even with that you can’t be 100% sure, so be very careful. My top recommendation for online forex broker would be AvaFX, I suggest you read more about them at a report of AvaFX online broker .
2. VPS (Virtual Private Server) with Steady Connection
Forex robot is an automated forex trading software that run automatically 24/5, thus it needs a host that can do the same. Usually, it is impossible to run your robot from home due to downtime and other connection issue; also, if your robot goes off when your PC is off, you’ve lost many potential profits opportunity.
This is where VPS comes in; basically, you rent space in a server to host your forex robot so it can run 24/5. If you’re looking for this service, you’ll find many alternatives, so take your time and pick the one that reliable enough to host your EA 24/5.
3. Optimized Currency Pairs
This information can be obtained from your robot’s user manual; use this info wisely and set your robot so it only trades the currency pairs that it has optimized for. Some forex robots creators said that their robots can conquer all currency pairs in forex market, but in reality, there should be a few currency pairs where the robot are most profitable; I suggest you keep it running only in these pairs.
Sometimes, you can find programmer/traders (not the EA creator) that provide different settings for a particular forex robot; this new settings promise bigger profit with more aggressive trading methods or utilizing other currency pairs. This can be worth to try, but make sure you test it first in a dummy or mini account.
It is possible to use automated trading software to gain steady profits from the forex market, but you can’t charge blindly to the first offer you met. Take your time in testing different robots and when you finally get one, put attention to the three factors stated above to make sure your robot run at its 100% capability. Learn more about the top robot at the moment at FAP Turbo – the review or simply check my top recommendation at top rated Expert Advisor .
